Congress seeks injunction against sale of Petrobras refineries

According to Reuters, the Bureau of the House of Representatives, Senate and Congress asked the Supreme Court (STF) an injunction to prevent the sale by Petrobras of its refineries. The petition cites the refining units of Bahia (RLAM) and Paraná (Repar). 

The Tables argued that the sale of the refineries would go against an earlier court decision last year that congressional approval is needed for the sale of assets of a parent company. In addition, Petrobras would be slicing strategic assets into subsidiaries, whose privatization does not depend on the decision of parliamentarians, in order to "circumvent" the Supreme Court's decision.

Recalling that the state-owned company has already received binding offers by RLAM from the Abu Dhabi fund, Mubadala Investment Company, and the Indian conglomerate Essar Group. According to Petrobras CEO Roberto Castello Branco, Repar will be the next to receive bids and the company still plans to sell eight refineries, or about half of its refining park.


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